Our Ethics and Values

We started Monzo because we believe there should be an alternative to the
banking of the past. We are focussing on solving customer problems, rather
than selling financial products, as a way to offer what we hope will be
the best current account in the world. For more information about what
this page is and why we created it, visit our
blog post on ethical banking.

This page will always show you where your money is held, as well as any
changes we've made or are planning to make.

Investment Ethics

Current Statement

If you are on the Monzo prepaid card, your deposits are held by Wirecard
Card Solutions Ltd. in a ring-fenced client-monies account and not used in any other way.

If you are on the Monzo current account, a very small proportion of
your money (around 10% of total deposits) will be lent to Monzo customers
in the form of unsecured personal overdrafts. The rest sits in cash in
our Reserves Account at the Bank of England or be used as collateral for
payment schemes. In the future, we are likely to do more personal lending
and invest some of the money in high quality liquid assets like UK government bonds.

We will continue to keep
this page updated.

Changes

August 3rd, 2017: Statement updated to reflect the Monzo current account now being live
June 7th, 2016: Statement published

Living Wage

This is a public commitment that every single member of the Monzo team,
regardless of whether they are employed by us or third-party contractors
receives at least the minimum living wage as set yearly by the
Living Wage Foundation.

Monzo Bank Limited is a company registered in England and Wales (No. 09446231). Monzo
Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated
by the Financial Conduct Authority and the PRA. Our Financial Services Register
number is 730427.